1. Introduction State-Owned Enterprises (SOEs) play a crucial role in many economies around the world, managing sectors considered critical to national interest, such as utilities, infrastructure, and energy. These organizations are often designed to serve the public good rather than pursue pure profit. However, how they operate and adapt to a changing environment can significantly impact … Sigue leyendo Are SOEs in a Fixed or in a Growth Mindset?
Autor: Irrational Investors
The Revolution of Connection and Creativity: Advantages and Challenges
The world is transitioning from the accumulation of information to something much more profound—the art of synthesizing, connecting, and creating value. Welcome to the Era of Connection and Creativity, where innovation is born not from mere data access but from the ability to forge meaningful links between ideas and disciplines. This evolution reshapes our understanding of progress, the role of technology, and the essence of human ingenuity. From leveraging AI as a creativity accelerator to tackling ethical challenges in the digital landscape, the potential of this revolution spans across industries, education, and societal frameworks. In this article, we delve into the neuroscience behind creativity, explore the transformative power of AI, and confront the social and ethical implications of this new era. Join us as we uncover how to embrace this shift and unlock the opportunities that lie ahead.
Valuing Companies: Beyond DCF Models
💡 Why stick to one perspective when valuing a company? While DCF models provide crucial insights, they’re not the whole picture. This video unpacks the limitations of DCF and stresses the importance of a multi-faceted approach—one that accounts for both quantitative and qualitative factors. Understanding a company’s true value goes beyond numbers; it’s about seeing the … Sigue leyendo Valuing Companies: Beyond DCF Models
Understanding Market Biases: Navigating Investment Turbulence
Navigating the turbulent waters of investing? Beware the siren song of cognitive biases! Our minds play tricks on us, distorting reality and clouding our judgment in the financial markets. As the diagram shows, our perspective can swing wildly from pessimism to optimism, often missing the mark of true market reality. But fear not! Time is … Sigue leyendo Understanding Market Biases: Navigating Investment Turbulence
«Unlocking Hidden Value: When Market Myopia Meets Economic Reality»
This graph illustrates a potential opportunity for savvy investors. When a company's intrinsic growth lags behind the long-term average growth of its economic sector, we're looking at a classic setup for value creation. This gap between perception and potential sets the stage for a powerful reversion to the mean. As the company's true growth trajectory … Sigue leyendo «Unlocking Hidden Value: When Market Myopia Meets Economic Reality»
NUESTRAS LECTURAS DEL 2020
Año complicado el que pronto finaliza. Nunca un año invitó tanto a la lectura.
SKIN IN THE GAME? SÍ, PERO…¿CUÁL ES EL GAME DE LOS GESTORES?
En la gestión de fondos, no todo skin in the game es positivo (o al menos los efectos teóricos), y no todos los puestos tienen el mismo skin in the game. La problemática surge cuando una misma persona tiene que llevar a la vez dos o tres gorras, y por ello no es tanto si pones skin in the game, sino qué gorra priorizas (problema de agencia). Veamos un ejemplo...
El Value no ha muerto, pero ….
Si value es algo más que ratios, el peor comportamiento relativo es difícil de probar. Por otro lado, la búsqueda de valor no debe atribuirse a un sólo estilo de inversión, y en cualquier caso, conceptos value anteriormente inamovibles, deberán ser repensados para adaptarse al contexto actual y futuro.
THE MOST IMPORTANT THING ILLUMINATED. Nuestros Comentarios y Notas.
De vez en cuando nos llevamos alguna que otra alegría. En este caso un muy buen amigo nos invita a la charla que dará Howard Marks en el auditorio de la Fundación Juan March el próximo 24 de Mayo... Por todo ello, aprovechamos la ocasión para incrementar nuestra serie Nuestros Comentarios y Notas...
NUESTRAS MEJORES LECTURAS DE LA SEMANA: 25/11/2018
Esta semana, excesos de confianza que acaban en desastre, dos videos, cómo la Inteligencia Artificial puede mejorar la estrategia de inversión, la reducción de comisiones, la importancia de elegir el benchmark adecuado, ... y mucho más para disfrutar aprendiendo:
Irrational Investors 